4 Bedroom Property Just Sold in Felbridge House, East Dulwich
When we were instructed on this property, our clients tenants had just moved out and the client needed a fast sale especially as the flat had not been left in a rentable state. I explained the best way to do this would be too price the property very competitively in order to have a busy open day which in turn would result in receiving offers straight away. The best points about this property was the very close proximity to East Dulwich train Station (literally across the road), which made it an easy commute in and out of Central London either via East Dulwich or Denmark Hill stations. The property was also in in need of modernising throughout which meant buyers could add significant value to the property and with the right pricing we expeted a lot of buyer activity.
The property was an ex-council property where the capital growth can be slower than private housing but the rental yields are very good making it a very good proposition for buy to let investors. The gross rental yield in this case would be around 8.5%, however you would have to factor in the refurbishment costs in this equation etc.
The flat was also leasehold and had a healthy long lease above 100 years so there were no issues in getting mortgage finance on the property. The service charges and ground rent were also reasonable and there were no section 20 notices (notice for major works) on the building which can come as extra costs to the purchasers.
We had an open day and within a few days of marketing the property we had received 6 offers. The highest was £15,000 above the asking price from a chain free buyer, which is exactly what the client wanted for a quick sale. We had a mix bag of buyers from first time buyers, to second property buyers to but to let investors. The majority of viewers were the buy to let investors.
The person who bought this property had previously missed out on a flat within the same estate so was very keen to find another within the same estate as he saw the great potential for the rental yield. He would be looking for young professional Tenants and East Dulwich is an area where there is no shortage for those types of Tenants.
From our experience the main reasons professional tenants enjoy living in East Dulwich is because of the good links to Central London for work, the selection of bars, restaurants, pubs, Cinema and cafés along and around the popular Lordship Lane. Neighbouring areas such as Camberwell, Peckham and Forest Hill have also come on leaps and bounds in the last few years too which offer even more nightlife and social options.
If you would like to find out more information about the East Duwlich property market or would like a valuation on your property, please give me a call.
020 3199 3433